The Theory of the Leisure Class
"The Theory of the Leisure Class," written by Thorstein Veblen in 1899, critiques the social and economic behaviors of the wealthy. Veblen introduces the concept of "conspicuous consumption," where the affluent display their wealth through extravagant spending to signal status and superiority. This behavior, he argues, is a way to gain social prestige rather than fulfill practical needs.
Veblen also discusses the distinction between the "leisure class" and the working class. He suggests that the leisure class, which does not engage in productive labor, often engages in activities that reinforce their social standing. This theory highlights the impact of social class on economic behavior and cultural values.